Vanity insanity: Aussies forking out $1.6 billion a month on self care
Aussies are spending a small fortune on their physical appearance despite the cost of living crunch, according to new research by Finder.
A Finder survey of 1,073 respondents revealed 2 in 5 (41%) – equivalent to 8.3 million people – indulge in self care treatments every month.
The average Australian spends $431 on beauty services a month – which equates to $1.6 billion dollars a month and a staggering $19.7 billion a year.
Women are more saddled with the cost of beauty than men, with 3 in 5 (57%) spending on these treatments compared to just a quarter of men (26%).
Sarah Megginson, money expert at Finder said it's clear many Aussies love their self-care regimes.
"Despite rising costs, people are spending a big portion of their incomes on personal care.
"You'd think the number of these optional beauty routines like manicures, eyelash extensions and facials might have taken a hit, but many are reluctant to give them up."
The research found 34% of us have a monthly hair appointment – 46% of women and 22% of men – costing us $75 on average.
Overall 1 in 5 (20%) are attending nail appointments, including 1 in 3 women (32%), at a cost of $39 a pop.
Botox is the most expensive appointment costing $131 a month on average ($372 million nationally).
Eyelash extensions ($39), facials ($37), teeth whitening ($34) and laser hair removal ($31) followed.
Megginson said it's a sense of confidence and comfort driving people to hold onto their beauty routines at all costs.
"Social media has set unrealistic beauty standards – it's a major confidence killer. And now it's not just hurting their self-esteem, it's hurting their budgets too.
"We're seeing people spending well above their means to achieve and maintain their beauty rituals."
Finder analysis shows that if that $431 a month we spend on self-care were to be invested monthly into a high interest saving account earning 5.65% – the highest ongoing offer in Finder's database – it would grow to a staggering $30,373 in 5 years. That's $4,082 in interest.
Megginson said this spending is coming at a cost to household budgets.
"By all means invest in yourself and your own self-care, but it's important to be really clear about what it's costing you – now and in the future.
"It's all about balance – there are ways to take care of yourself without breaking your bank account," Megginson said.
| How much do you usually spend per month on the following personal care treatments/procedures? | ||
|---|---|---|
| Individual average | National average | |
| Botox/Filler/Plastic surgery | $131 | $372 million |
| Hair appointments | $75 | $517 million |
| Eyelash extensions | $39 | $134 million |
| Nail appointments | $39 | $158 million |
| Skin treatments/facials | $37 | $113 million |
| Teeth whitening | $34 | $103 million |
| Laser hair removal | $31 | $101 million |
| Eyebrow microblading or lamination | $20 | $61 million |
| Waxing | $20 | $65 million |
| Fake tanning | $5 | $15 million |
| Total | $431 | $1.6 billion |
| Source: Finder survey of 1,073 respondents, August 2023 |
| In the past 12 months, have you done the following personal care treatments/procedures? | |||
|---|---|---|---|
| Women | Men | Total | |
| Hair appointments | 46% | 22% | 34% |
| Nail appointments | 32% | 10% | 20% |
| Botox/Filler/Plastic surgery | 19% | 10% | 14% |
| Eyelash extensions | 24% | 9% | 17% |
| Waxing | 24% | 10% | 16% |
| Laser hair removal | 22% | 9% | 16% |
| Teeth whitening | 20% | 11% | 15% |
| Skin treatments/facials | 22% | 10% | 15% |
| Eyebrow microblading or lamination | 22% | 10% | 15% |
| Fake tanning | 20% | 9% | 15% |
| I have not done any of these personal care treatments/procedures | 43% | 74% | 59% |
| Source: Finder survey of 1,073 respondents, August 2023 |
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